should this one be fired as soon as someone selects an item from a dropdown list or inserts something in a text-input field? Is anything else required in the html code for this to work?
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doonotApr 20 '12 at 9:29

Nothing else required, Sir. This will be fired when a different option than the previously selected one from a select is selected, when an input text looses focus with a different value than the previous one, etc.
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sp00mApr 20 '12 at 9:35